I hope this email finds you well.
It is too soon to say what it all means, though the markets are doing the things they do when they expect higher inflation. That is because Donald Trump – who has secured a historic comeback to the presidency, largely on the back of widespread voter anger at rising prices – has a range of policies that are inflationary: a combination of tax cuts, spending, tariffs and mass deportations. One of these things is not like the others.
